UNITED STATES

SECURITIES AND EXCHANGE
COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Item 1.

Security and Issuer

The class of equity security to which this statement relates is the common stock, par value $0.10 per share (the “Common Stock”), of ACA Capital Holdings, Inc., a Delaware corporation (the “Issuer”).  The principal executive offices of the Issuer are located at: 140 Broadway, New York New York 10004.

Item 2.

Identity and Background

This statement is being filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission (the “Commission”) pursuant to Section 13 of the Securities Exchange Act of 1934 as amended (the “Act”): Elizabeth S. Campbell and W.R. Stephens, Jr.  Shares owned by Elizabeth S. Campbell are held through her Elizabeth S. Campbell Revocable Trust, an Arizona trust of which Ms. Campbell is the sole trustee, and shares owned by W.R. Stephens, Jr. are held through his W.R. Stephens, Jr. Revocable Trust, an Arizona trust of which he is the sole trustee.  The principal occupation of Elizabeth S. Campbell relates to her position as Co-Chairman of The Stephens Group, LLC, a private equity firm, and the principal occupation of W.R. Stephens, Jr. relates to his position as Co-Chairman and CEO of The Stephens Group, LLC.  The principal business address of persons named above is c/o The Stephens Group LLC, 100 Morgan Keegan Drive, Suite 500, Little Rock, Arkansas 72202.  Ms. Campbell and Mr. Stephens are United States citizens.

During the last five years, neither of the reporting persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

Item 3.

Source and Amount of Funds or Other Consideration

All of the shares included in this report were purchased by the reporting persons from SF Holding Corp. on December 17, 2007.  Each of the reporting persons obtained funds ($412,787, or $0.34 per share) to make their individual purchases described herein from personal assets.   No funds were borrowed by any of the reporting persons in order to complete the transactions described herein.  SF Holding Corp. originally purchased the shares described herein with funds ($31,825,924 in the aggregate) from working capital in the ordinary course of business.

The shares of Common Stock included in this report were originally included in a joint Form 13G filed with the Commission on February 14, 2007 by, among others, SF Holding Corp., Warren A. Stephens and W.R. Stephens, Jr.

Item 4.

Purpose of Transaction

The reporting persons acquired the shares reported herein for investment in the ordinary course of business.  The reporting persons may make further purchases of the Issuer’s shares or debt securities from time to time and may dispose of any or all of the shares or debt securities held by them at any time.

Except as set forth herein, as of the date hereof, the reporting persons do not have any plan or proposal that relates to or would result in:

(a)           The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer;

(b)           An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;

(c)           A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;

(d)           Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board;

(e)           Any material change in the present capitalization or dividend policy of the Issuer;

(f)            Any other material change in the Issuer’s business or corporate structure;

(g)           Changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person;

(h)           Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;

(i)            A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or

(j)            Any action similar to any of those enumerated above.

Notwithstanding the foregoing, the reporting persons reserve the right to effect any such actions as any of them may deem necessary or appropriate in the future.

Item 5.

Interest in Securities of the Issuer

(a)           As of the date hereof, each of the reporting persons may be deemed to beneficially own 1,214,080 shares of Common Stock, or approximately 3.5% of the Common Stock outstanding.  Additionally, based on various reports filed with the Commission pursuant to Section 13 of the Act with respect to the Issuer, the reporting persons believe that persons who are party to a Stockholders Agreement (the “Stockholders Agreement”) dated September 30, 2004, as amended from time to time (pursuant to which they have agreed to vote for directors nominated by certain stockholders) beneficially own, in the aggregate, approximately 31 million shares, or approximately 89%, of the Issuer’s Common Stock.  Percentages of Common Stock included in this report are based on 34,851780 shares reported on the Issuer’s Quarterly Report on Form 10-Q filed with the Commission on November 19, 2007.

(b)           Each of the reporting persons has sole voting and dispositive power over the 1,214,080 shares of Common Stock owned by such person.  Each of Elizabeth S. Campbell and W.R. Stephens, Jr. may be deemed to have voting and dispositive power over the shares of Common Stock held directly by the Elizabeth S. Campbell Revocable Trust and W.R. Stephens, Jr. Revocable Trust, respectively.  See Items 2 and 5(a) for more information  Neither the filing of this report nor any of its contents shall be deemed to constitute an admission that any reporting person is the beneficial owner of any Common Stock referred to in this report for the purposes of Section 13(d) of the Act or for any other purpose, and such beneficial ownership is expressly disclaimed.

(c)           Except for the transactions described herein, there have been no other transactions in the securities of the Issuer effected by the reporting persons in the last 60 days.  See Item 3 for the details of the December 17, 2007 purchase.

(d)           Except as stated within this Item 5, to the knowledge of the reporting persons, only the reporting persons have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock of the Issuer reported by this statement.

(e)           Inapplicable.

Item 6.

Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

Except for the agreements described above (including the Stockholders Agreement) or in response to Items 3 and 4 of this Schedule 13D, which are hereby incorporated herein by reference, to the best knowledge of the reporting persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between the persons enumerated in Item 2 of this Schedule 13D, and any other person, with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option agreements, puts or calls, guarantees of profits, divisions of profits or loss, or the giving or withholding of proxies.

Item 7.

Material to Be Filed as Exhibits

Exhibit 1 - Schedule 13D Joint Filing Agreement, dated December 27, 2007, by and among Elizabeth S. Campbell, Elizabeth S. Campbell Revocable Trust, W.R. Stephens and W.R. Stephens Revocable Trust.

Exhibit 2 - Stockholders Agreement (the “Stockholders Agreement”) dated September 30, 2004, as amended from time to time, by and among the stockholders named therein.

Exhibit 3 - Powers of Attorney (Incorporated by reference from Elizabeth S. Campbell’s and W.R. Stephens, Jr.’s filings on Form 3 with the Commission on December 19, 2007.

Date: December 27, 2007

Elizabeth S. Campbell

/s/ Ron Clark

Name: Ron Clark

Title: Attorney in fact for reporting person

Elizabeth S. Campbell Revocable Trust

By:

/s/ Ron Clark

Name: Ron Clark

Title: Attorney in fact for reporting person

W.R. Stephens, Jr.

/s/ Ron Clark

Name: Ron Clark

Title: Attorney in fact for reporting person

W.R. Stephens, Jr. Revocable Trust

By:

/s/ Ron Clark

Name: Ron Clark

Title: Attorney in fact for reporting person